Stephen Westwood, head of investment trusts at Fidelity, has left to become director of investment funds at London & Capital.
To coincide with his arrival the group announced that it will develop a range of listed investment funds, the first of which will leverage off its range of offshore absolute return funds.
As a house philosophy, London & Capital manages funds in a risk-adjusted manner, with the accent on capital preservation. Westwood will initially focus on this approach in the investment trusts area, which is a new division for the group.
Westwood, who joined Fidelity in 2005 from Henderson Global Investors, says that under market conditions relatively low-risk investments are preferable to more volatile funds.
At Fidelity, Westwood handled a division with assets close to £2.8 billion spread across five investment trusts, the largest of which is £1.2 billion Edinburgh Investment Trust. He says he was interested in London & Capital because it had “bench strength in numerous interesting investment areas”.
He adds that while his new position may mark a change from dealing as directly with the retail market: “a lot of what London & Capital does has resonances for the private investor”. He would not be drawn on fund details.
Westwood has worked in investment for more than 16 years, much of the time in a product development role.